According to consolidated audited data, Mantinga Group, the largest producer of bread, snacks and frozen products in the Baltic States, earned EUR 187.3 million in revenue last year, which is 8.6% more than in 2023 (EUR 172.5 million). The consolidated net profit of the group amounted to EUR 12.7 million, which is 14.6% more than the previous year (EUR 11.1 million).

“Last year, we maintained moderate growth. Although we haven’t yet returned to pre-pandemic profit margin levels, we are consistently and purposefully working toward long-term competitiveness, especially in international markets. In 2024, we focused on strengthening existing markets, international expansion, development of subsidiaries, as well as production growth, improving customer experience, and completing reorganization. A significant challenge that impacted results was the continued sharp increase in raw material prices. In order to offset cost growth and minimize its impact on customers, we focused on operational efficiency and process optimization,” emphasizes Martynas Mykolaitis, Member of the Board and Chief Financial Officer of Mantinga Group.

In pursuit of international expansion, Mantinga Group also transitioned to the EU-approved International Financial Reporting Standards (IFRS) in 2024, which will ensure even greater transparency of financial reporting and open wider opportunities for attracting investment and financing from international markets.

Most investments in production development

Last year, the group's investments amounted to EUR 16.8 million. The company strategically introduced innovations in key operational areas – investing in increasing production efficiency, optimizing processes, energy efficiency and other solutions to improve operations.

“The majority of the investments were directed towards the installation of a new, second, French baguette production line. The rest was allocated to improving operational efficiency, conducting feasibility studies for development, and supportive investments,” notes M. Mykolaitis.

To increase production efficiency, the company modernized equipment and optimized production processes, which helped reduce downtime and improve overall operational coordination. To reduce production losses, clearer control mechanisms and strengthened preventive measures were introduced. In the area of energy efficiency, solutions were implemented to help reduce energy costs.

This year’s priorities remain the same

According to M. Mykolaitis, this year the group of companies will continue strengthening its positions in existing markets and actively invest in international growth. The company recently announced the establishment of a new branch in Poland.

“We see great potential for global expansion and are working consistently in this direction – negotiations are already underway with potential partners in Western Europe and Asia. One of our key priorities remains maintaining competitiveness, therefore, we will continue to invest in innovative solutions, product development, delivering value to customers, maintaining high standards of cooperation, and competitive pricing,” the company representative notes.

It is planned that in 2025, Mantinga Group’s investments in production development will reach around EUR 30 million.

“We expect to complete the installation of the new French baguette line this year, build a new chilled food products factory in the next few years, and continue improving current operations – from production and warehousing to administrative processes,” says M. Mykolaitis.

Currently, the company operates three factories in full capacity in Marijampolė, and one more in Latvia. Mantinga’s product range includes more than 1,000 products, and the production is exported to more than 40 countries. The group employs more than 1,700 people.

The Mantinga group of companies consists of: UAB Mantinga Group, UAB Mantinga Production, UAB Mantinga Bakery & Food solutions, UAB Mantinga Logistics, UAB Mantinga Services, SIA Mantinga Latvia, SIA Fresh Food production, Mantinga Eesti OU, TOV Mantinga Ukraina, and the new branch in Poland – Mantinga Sp. z o.o.